Category Archives: Tax Preparation

Last year, the IRS reported 2.7 million errors made by 22 million taxpayers on 2011 returns. Although that’s considerably lower than the 6.6 million errors made the previous year, mistakes are bound to happen. Just one small slipup could cost you, resulting in a larger tax bill, smaller refund or delayed return.

This year, take some time to double—or even triple—check your work! As you calculate your returns, consider each and every home deduction and credit, compare numbers, make sure everything is spelled correctly and in the right spot and keep an eye out for these common mistakes:

There is a fundamental difference between business and personal finances when it comes to taxes. While the “average Joe” may not have to worry about taxes again until next year, “Joe the small-business owner” needs to start thinking about his next quarterly tax filing now. And for the rest, to start you off on the right track for next year I’ve flagged 7 financial faux pas that are commonly overlooked by small businesses.

Now is the perfect time to review your finances and estimate your taxes for 2015. This will serve as an incentive to consider all possible strategies. Here are 5 things you can do to maximize your return at tax time!

A capital gain occurs when you sell something for more than you bought it for. For instance, if you bought a car for $3,500 and sold it for $3,750, you have a capital gain—and you will be taxed on it! Here are 4 things you need to know about capital gains tax:

1. Identification

When filing your own taxes, you need to prove that you are, in fact, who you say you are.